EURAUD Potential
Back with another Billionaire breakdown. I do not typically trade anything with EUR but I watched an interview that said, "if you're a trader and it can be traded then do what you do." So, here I am doing more random analysis. Here we have EURAUD with bearish potential. Most of my technicals were done on the Monthly. Now that I know where I'm at I can see we are still in somewhat of a counter trend on the Daily. Monthly, Weekly, Daily and 4H have all broken structure to the downside. Not too much volume but based off 4H structure price broke the 1.58150-.58000 zone on Dec 10 @ a 5am close. Pushed up to a 38.2 retrace base off 4H fibs, making a LH around the 1.58965 price give or take 20 pips with respect to wick areas. If price continues to drop for EUR I expect a nice break of the 1.57365-.57000 zone where I'll short down to possible TP around 1.56200, the next area of interest. Long term we have a Monthly demand zone that begins @ about 1.54500 with multiple touches, tests and retests. Back testing is necessary but structure rules. Any questions, comments or concerns please don't hesitate my fellow traders. Thank you.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.